The Women’s Volleyball World League is scheduled to be held in the Italian city of Rimini. However, the head coach Mazzanti teamed up with Egnano and Sila to miss out, giving up home court advantage in preparation for the Tokyo Olympics to rush for the championship. The Chinese women’s volleyball team played an Italian substitute in the 12th round of the World League, benefiting from the overall dominance of offensive 47-37, blocking 6-2 and serving 6-3, and lost 9 points from 7-16 in their own turnovers and lost three straight games. With a 3-0 (25-19, 25-11, 25-19) victory, Li Yingying won the single-game scoring champion with 19 points.

The Belgian women’s volleyball team was defeated by Japan 1-3 (25-23, 22-25, 21-25, 21-25) in the fourth round of the fierce battle of the Belgian women’s volleyball team. In the three rounds, Serbia was cleared by 3-0 (25-8, 25-17, 25-23). ​​Evergrande’s former foreign aid attacked Koseleva with an injury and won 3 points in the first round. Lova) only played two games to win 8 points; on the other hand, the Netherlands fought hard in four games to 1-3 (23-25, 25-23, 28-30, 22-25) to surrender Dominica.

The 12th round of the German women’s volleyball league in the world also gave Poland 3-0 (25-23, 25-20, 25-23); the Korean women’s volleyball team fought 3-2 (15-25, 25-18, 27-) in five rounds. 29, 25-20, 21-19) Reversing and defeating Canada, the comeback heroes are to pick up Park Zhenya and Jin Ruanjing each with 24 and 23 points. The Brazilian women’s volleyball team defeated Thailand 3-0 (25-11, 25-14, 25-10) in three straight games, while the United States fought 3-1 in four games (25-21, 23-25, 25-15, 25). -14) Captured Zhu Ting’s overseas foreign teacher Guidetti to lead Turkey.

Zhu Ting truce with Zhang Changning and Li Yingying as the main offensive team. Although Lang Ping was in charge of the 12th round of the Chinese Women’s Volleyball League, he gave away 3-0 to Italy in straight games, but he still finished 7 wins, 5 losses and 21 points. Ranked 8th, there is 2 wins and 3 points gap with 4th place Turkey with 9 wins, 3 losses and 24 points. It is extremely difficult to overtake the remaining three rounds. According to the 13-15th round of the schedule, the women’s volleyball girls have recruited Russia, Poland and the United States one after another. While striving for a complete victory, they also need to hope that Turkey loses.

The U.S. women’s volleyball team topped the league table with 12 wins, 0 losses and 36 points, and even lead 4th place. Turkey has 4 wins. With three rounds left, it has secured the top four ahead of schedule thanks to the advantage of the win. Shanghai Overseas aided Larsen and Beijing’s Diagonal Bach and Evergrande’s foreign aid Robinson became the heroes. The Japanese women’s volleyball team rose by 2 to third with 9 wins, 3 losses and 25 points, closely following Brazil’s second place with 10 wins, 2 losses and 31 points. The latter sits on Evergrande’s double foreign aids Tandara and Figare, but the age structure is biased Greatly buried hidden dangers for the subsequent impact of medals.

The 5th and 7th places in the Women’s Volleyball World League are Russia 8 wins 4 losses 23 points, the Netherlands 8 wins 4 losses 23 points and Dominica 7 wins 5 losses 23 points, of which the Dutch win-loss ratio 1.5 beats Dominica 1.3 rankings. The 9th to 16th places are Belgium 5 wins, 7 losses and 11 points, Serbia 4 wins, 8 losses and 14 points, Poland 13 points, Germany 12 points, Canada 3 wins, 9 losses and 11 points, South Korea 9 points, Italy 2 wins, 10 losses and 9 points. Thailand has 1 win, 11 losses and 3 points. Due to the disadvantage of the win, it missed the semi-finals of the world league ahead of schedule. (Ren Yuyin)

Temporary rankings for the 12th round of the 2021 Women’s Volleyball World League:

1. The United States (12 wins and 0 losses 36 points, win-loss ratio 12.000, win-loss ratio 1.380, advance to the semi-finals three rounds in advance)

2. Brazil (10 wins, 2 losses, 31 points, 3.666 wins and losses, 1.315 wins and losses)

3. Japan (9 wins, 3 losses, 25 points, win-loss ratio 1.800, win-loss ratio 1.102)

4. Turkey (9 wins, 3 losses, 24 points, odds ratio of 1.764, 1.067 points of victory)

5. Russia (8 wins, 4 losses, 23 points, win-loss ratio 1.588, win-loss ratio 1.087)

6. The Netherlands (8 wins, 4 losses, 23 points, win-loss ratio 1.500, win-loss ratio 1.067)

7. Dominica (7 wins, 5 losses, 23 points, win-loss ratio 1.300, win-loss ratio 0.998)

8. Chinese women’s volleyball team (7 wins, 5 losses, 21 points, win-loss ratio 1.238, win-loss ratio 1.042)

9. Belgium (5 wins, 7 losses, 11 points, win-loss ratio 0.580, win-loss ratio 0.914)

10. Serbia (4 wins, 8 losses, 14 points, 0.703 win-loss ratio, 0.909 win-loss ratio)

11. Poland (4 wins, 8 losses, 13 points, 0.750 wins and losses, 0.987 wins and losses)

12. Germany (4 wins, 8 losses, 12 points, 0.615 win-loss ratio, 0.933 win-loss ratio)

13. Canada (3 wins, 9 losses, 11 points, win-loss ratio 0.566, win-loss ratio 0.856)

14. South Korea (3 wins, 9 losses, 9 points, 0.419 win-loss ratio, 0.898 win-loss ratio)

15. Italy (2 wins, 10 losses, 9 points, win-loss ratio 0.516, win-loss ratio 0.927)

16. Thailand (1 win, 11 losses, 3 points, win-loss ratio 0.176, win-loss ratio 0.746)

Produced | Sohu Technology

Author | Yin Lina

In the morning of June 9, Youxian submitted its prospectus every day, formally sprinting for the IPO of US stocks.

The Daily Fresh Food Plan uses “MF” (abbreviation of the English name MissFresh) as the stock code and is listed on the Nasdaq. The tentative maximum fundraising amount is 100 million US dollars, and it launches an impact on the “first share of fresh food e-commerce” .

Daily Youxian is an old player in the “fresh food e-commerce” track. Because of the extremely high loss rate of this track, but it can also harvest huge traffic. Therefore, in the 6 and a half years of its establishment, Daily Youxian has witnessed the fall of many opponents and ushered in batch after batch of new ones. Players, and at the same time, need successive financing to replenish “ammunition.”

Nowadays, the competition in the “vegetable selling” business has become fierce. Internet giants such as Meituan Optimal, Orange Heart Optimal (under Didi), and Duoduo Maicai (under Pinduoduo) have entered the community group buying, and there are also from Dingdong Maicai and Meituan The opponents of buying food equivalent to the “pre-warehouse + delivery model” are developing rapidly. After the tide of bankruptcy of fresh food e-commerce, the track has become hot again. For Daily Fresh Food, this is a good thing, but it is also a challenge.

Performance dismantling: losses have narrowed significantly, and performance costs accounted for about 1/4 of revenue

From the performance point of view, from 2018 to 2020, the daily revenue of Youxian was 3.55 billion yuan, 6.0 billion yuan and 6.13 billion yuan.

2019 is a year of rapid development of Daily Fresh Food. This is not difficult to see in the “69% year-on-year increase in revenue”.

This is a year of daily excellence and freshness. One example is the large investment in technology and content. For the whole year of 2019, the daily cost of Youxian on technology and content was close to 4.7 billion, an increase of more than 100% compared to the previous year. At the same time, with the expansion of business scale, Daily Youxian has also increased its costs, performance costs, and administrative expenses, but has decreased marketing expenses.

Entering 2020, with more and more players pouring into the fresh food e-commerce track, the daily revenue of Fresh Fresh has only gained a small increase, from 6.0 billion to 6.13 billion. However, compared to the opponent’s strategy of trading losses for growth, Daily Youxian’s losses have significantly narrowed in 2020. The net loss has dropped sharply from 2.91 billion yuan in 2019 to 1.65 billion yuan in 2020, a drop of up to 43.3%.

In terms of cost control, Daily Youxian’s gross profit margin has increased from 8.6% in 2018 to 19.4% in 2020. Specifically, in the case of basically flat revenue, the daily operating costs of fresh fresh products have dropped by about 10%, and direct sourcing of commodities may be the main reason for the decrease in costs. Last year, Liu Zhidan, vice president of Daily Fresh Food and head of the Commodity Center, once said that the proportion of direct sourcing of commodities is close to 80% of the target, and that direct sourcing can further reduce costs by more than 10% compared to land sourcing.

In addition, Daily Fresh Food has also reduced various expenses to a greater extent. Among them, performance expenses fell by 14% year-on-year, marketing expenses fell by 20% year-on-year, and administrative expenses fell by 21%, all of which are manifestations of improved operational efficiency.

Among the various expenses, the daily excellent fresh flowers has the highest proportion of the cost of contract performance. From 2018 to 2020, daily Youxian’s performance costs were 1.24 billion yuan, 1.83 billion yuan, and 1.58 billion yuan, accounting for 34.9%, 30.5%, and 25.7% of the company’s current operating income, respectively, a significant decrease.

Since Daily Youxian launched the heavy asset model of pre-warehouses, discussions on performance costs in business analysis have been heated. Since the initial investment has become an established fact, how to increase the customer unit price to cover the cost has become a key concern of Daily Fresh. As of now, the daily average customer unit price of fresh pre-warehouse real-time retail is 94.6 yuan. According to its prospectus, this is currently the company with the highest unit price under the pre-warehouse model.

However, in the field of “selling vegetables”, compared with the previous high-investment pre-warehouse model, the current capital’s most favored model is the light asset model of community group buying, which is an appointment order + self-request. In this track, there are also Internet giants such as Meituan, Pinduoduo, Didi, and JD.com.

From a geographical point of view, the competition between Daily Fresh and the current popular community group buying is not a head-to-head competition.

Daily Youxian’s main battlefields are distributed in four regions: North China, Central China, South China, and East China. They are mainly first-tier or new-tier cities. Cities such as Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou are involved. Among them, North China is a key area, and only Beijing City The number of front positions has reached 1/5 of the total.

As for community group buying, as of the end of last year, Didi’s community group buying companies such as Orange Heart, Meituan, Duoduomai, Xingshengyou are still developing in second-tier cities, such as the Hunan and Hubei provinces in central China and the southwestern region. Mainly in Sichuan. However, after nearly half a year of development, as of the end of March this year, Meituan Optimal has stationed in more than 2,600 cities and counties across the country, basically completing national coverage. According to data from Everbright Securities, in April this year, Duoduo’s business coverage has covered about 1,800 counties.

Compared with the rapid expansion of community group buying, Daily Youxian appears to be more cautious in Kaicheng, but it also avoids the problem of further expansion of losses. As of March 31, 2021, Daily Youxian has established 631 front-end warehouses in 16 cities in China, and has accumulated more than 31 million trading users.

Financing story: Xu Zheng and his “100 billion” goal

Compared with the boring research on revenue, contract performance, and supply chain, the daily financing story of Youxian is more interesting.

Behind this fast-growing company is Xu Zheng, who was recommended to the University of Science and Technology of China at the age of 15, and became the youngest general manager of Lenovo’s business department in China at the age of 28. In the 30th year of his establishment, he took the initiative to ask Ying to transfer to Jiawo, abandoning the seemingly high-end business of “selling computers” and moving to the field to study “selling fruits”. Three years later, in 2014, he founded Daily Youxian.

According to incomplete statistics, Daily Youxian has completed 10 rounds of financing, with a cumulative total of more than 11 billion yuan. In the second half of last year alone, Daily Youxian completed two rounds of financing with a total of more than 5 billion yuan. And its investors are also from top VCs, well-known companies and local governments.

Among them, Tencent has invested in 5 consecutive rounds, and Xu Zheng’s old club Lenovo has also participated in the C round of investment. In terms of capital, Daily Youxian’s shareholders include ICBC International, CICC Capital, and Goldman Sachs. At the same time, state-owned assets such as Suzhou Changshu Government Industrial Fund, Qingdao Guoxin, Qingdao Municipal Government Guidance Fund and other local government funds also appeared on the list of investors.

Despite this, Daily Youxian has also encountered the darkest moments in its development. In the most difficult moment of financing, Xu Zheng used all of his real estate mortgage loans to prepare for the company to invest all of his belongings.

Look at the shareholder structure of Daily Youxian. In the management, Xu Zheng, the founder and CEO of Daily Youxian, holds 15.3% of the shares and has 74.1% of the voting rights. In addition, the company’s CFO Wang Jun owns 2.2% of the shares and owns 0.7% of the voting rights; the company’s COO Sun Yuan owns 1.3% of the shares and 0.4% of the voting rights.The directors and the company’s management hold a total of 20.2% of the shares and 75.6% of the voting rights

Among the external shareholders, Xiamen Daily Youxian Equity Investment Partnership (Limited Partnership), with a Qingdao state-owned background, holds the highest share of 8.7%, with 2.7% of the voting rights. According to the total investment of 2 billion yuan in Qingdao’s state-owned assets, as of December last year, the daily valuation of Youxian was around 23 billion yuan.

In addition, Image Frame Investment of Tencent Holdings holds 8.1% of the shares and 2.5% of the voting rights. Genesis Capital holds 7.2% of the shares and has 2.2% of the voting rights. In addition, Zeng Bin, the other founder of Daily Youxian, holds 5.5% of the shares and 0.3% of the voting rights.

The number of “hundred billions” is constantly mentioned in the financing stories of various stages and different versions of Youxian Daily.

In June 2019, Daily Youxian and Tencent jointly held a huge smart retail conference. It was at this press conference that Xu Zheng proposed for the first time the goal of growing into a “hundred billion” scale fresh food retail platform.

Daily Youxian’s latest financing occurred on December 9th last year, and it is also the largest strategic investment of fresh food e-commerce in the local area so far, with a total amount of 2 billion yuan. In this financing conference from the Qingdao government, the perspective of Daily Fresh Food is not limited to the “100 billion” track of “selling vegetables”, but involves the four “100 billion” of ecological chain, finance and technology.

Among them, the ecological chain is mainly undertaken by Sansheng Venture Capital, a fund of Daily Fresh Food, which mainly includes the five aspects of the upstream vegetable industry, dairy industry, fruit industry, fishery and meat industry. Guo Qi, the founding partner of Sansheng Ventures, is also the vice president of Daily Youxian. In his opinion, the cultivation, breeding, and processing of agricultural products are actually extended to deep processing and high added value, from agriculture to industrial products. Conversion.

Finance is mainly for farmers, channel merchants, merchants, and users, including four types of entities, including agricultural insurance for farmers, futures trading for channel merchants, supply chain finance for merchants, and consumer credit to users. The first step is to adopt a weekly settlement policy with the head supplier. In the field of science and technology, it mainly includes biotechnology and AI technology. Among them, biotechnology mainly involves the improvement of varieties, while empowering traditional industries.

However, these stories are far from being realized on the eve of listing. At the beginning of the prospectus, Daily Youxian proposed the formula (A+B)*N. A stands for real-time retail in the front-storage mode, B stands for smart food market, and N stands for retail cloud.

Previously, Daily Youxian has developed an end-to-end intelligent system based on a large amount of data accumulation and algorithm optimization-Smart Retail Network (RAIN), covering core areas such as smart supply chain, smart logistics, and smart marketing. Smart food market and retail cloud are new business formats for the B-end extended on this basis.

According to the prospectus, in the practice of smart vegetable market, Daily Youxian will first obtain the right to operate the vegetable market, then renovate the layout of the venue, optimize the combination of merchants and introduce new business formats; at the same time, provide merchants with electronic payment, online marketing, and CRM tools. SaaS service package including business planning; finally, help merchants of smart food market convert offline customers into online private domain traffic, and realize further increase in e-commerce business revenue through online trading platforms.

Up to now, Daily Youxian has signed operating agreements with 54 vegetable markets in 14 cities, and has started operations in 33 vegetable markets in 10 cities.

In the retail cloud business, Daily Youxian will target long-tail small and medium-sized supermarkets as its target customers, providing online and offline omni-channel retail, customer management, supply chain and performance management digital capabilities, and to achieve vertical e-commerce The development path towards platform.

The first-hand vegetable market and the other-hand supermarket, Daily Youxian has set its sights on the wider retail entrance.

But the story is also just a story. Today, Daily Youxian has turned the story of the pre-storage into reality, but Daily Youxian now has to face more capital influx into the track, and more experienced and well-executed companies as its opponents. .

In Xu Zheng’s prediction, the end result of the fresh food market will be the coexistence of multiple oligarchs at the level of hundreds of billions. For Daily Youxian, who is entering the next stage, it may be re-adjusting the fighting posture.

Produced | Sohu Technology

Author | Yin Lina

Edit | Yang Jin

The listing rumors have been brewing for more than three years. In the morning of June 11, Didi finally submitted a prospectus and launched an IPO in the United States.

According to the prospectus, Didi’s stock code is “DIDI”, with Goldman Sachs, Morgan Stanley, JPMorgan Chase, and China Renaissance Capital acting as underwriters.

Since its establishment, Didi has gone through 22 rounds of financing with a total financing amount of nearly 80 billion yuan, making it a well-deserved financing expert.

However, from the perspective of performance, Didi’s online car-hailing seems to be huge, but only has a meager profit of 3.1%; international business is still losing money, and there are large variables due to the epidemic; new businesses such as freight and community group buying have just started. It is still a “cash-burning” machine, and profit is far from expected.

Performance dismantling: loss is still the main theme

Let’s look at the performance first. From 2018 to 2020, Didi’s revenue was 135.3 billion yuan, 154.8 billion yuan and 141.7 billion yuan, respectively. In the first quarter of this year, Didi’s revenue was 42.2 billion yuan.

From the above figures, it can be seen that in the past three years, Didi’s revenue growth has not been significant. Affected by factors such as the new crown epidemic in 2020, overall revenue has also declined slightly. However, the impact of the epidemic was eased in the second half of last year. The prospectus shows that in the second half of last year, the total transaction volume of Didi’s travel business in China was 121.6 billion yuan, an increase of 80.3% over the first half of the year and an increase of 12.2% over the second half of 2019.

In addition, losses are still the main theme of Didi. In the past three years, Didi’s net losses were 15 billion yuan, 9.7 billion yuan, and 10.6 billion yuan, respectively. The adjusted non-GAAP profits were 8.6 billion yuan, 2.8 billion yuan and 8.4 billion yuan. In the first quarter of this year, due to the unrecognized income of 9.1 billion yuan and an investment income of 3.3 billion yuan from the spin-off of Orange Heart Optimal, the investment income reached 12.36 billion yuan, Didi turned losses, net profit reached 5.5 billion yuan, and an adjusted loss of 5.5 billion yuan. yuan.

In terms of business, the main sources of Didi’s revenue are divided into three categories, namely, China’s travel business (China’s online car-hailing, taxi, agent driving and ride-hailing businesses), international business (international travel and food delivery, etc.) and Other businesses (shared bicycles and motorcycles, car service, freight, autonomous driving, financial services, etc.).

In 2020, these three types of income will be 133.6 billion yuan, 2.3 billion yuan and 5.8 billion yuan respectively. Among them, China’s travel business is the most important source of income, and the proportion of China’s travel business to total revenue is as high as 94.3%.

Among various expenditures, operating costs account for a large proportion, mainly commissions and subsidies paid to drivers. In the past three years, Didi’s gross profit margin was 5.5%, 9.8% and 11.2%, showing an upward trend year by year.

Among various expenses, marketing and marketing expenses accounted for the highest proportion. Last year, the total amount reached 11.14 billion yuan, accounting for 7.86% of total revenue. Followed by general and administrative expenses, about 7.55 billion yuan, accounting for 5.33% of total revenue.

Although as of the end of last year, Didi had 15,914 full-time employees worldwide, including 7,110 R&D employees, which accounted for 44.7% of R&D employees, the proportion of Didi’s technology and R&D related expenses was not the highest: last year it was 63.2 100 million yuan, accounting for 4.46% of total revenue. Finally, operating and support expenses are 4.70 billion yuan, accounting for about 3.32% of revenue.

In terms of operations, in the 12 months ending March 31, 2021, Didi has been operating in more than 4,000 cities and towns in 15 countries around the world. The total transaction volume of the whole platform is 341 billion yuan, of which Didi’s core platform GTV (referring to GTV in China’s travel and international markets) reached 244.2 billion yuan. With the exception of community group buying, the average daily order volume of all businesses reached 41 million, the annual active users reached 493 million, and the annual active drivers were 15 million.

However, the current progress is still far from the “0188” plan released by Didi in March last year. The “0188” plan shows that Didi will serve more than 100 million orders per day during the three years from 2020 to 2022, with a penetration rate of more than 8% for all domestic trips, and a global service user MAU of more than 800 million.

What is more worrying is that in Didi’s “main battlefield” Chinese market, the number of orders has shown a downward trend year by year, and the customer unit price has not increased significantly.

The number of Didi orders in the Chinese market dropped from 8.79 billion orders in 2018 to 8.67 billion orders in 2019 to 7.75 billion orders. However, this trend also has business adjustments and environmental factors. In 2019, Didi discontinued its ride-hailing business. Under the new crown epidemic in 2020, people will go out less frequently, and Didi has also suspended cross-city orders and ride-sharing services. In terms of customer unit prices, they were 23.3 yuan, 23.3 yuan and 24.4 yuan respectively in three years.

However, Didi has achieved profitability in the Chinese travel market: adjusted pre-interest and tax profit of 3.84 billion yuan in 2019, 3.96 billion yuan in 2020, and 3.62 billion yuan in the first quarter of 2021.

The rake puzzle: online car-hailing profit margin is only 3.1%

After the ride-hailing incident occurred in 2018, the outside world had a lot of discussions about Didi. In addition to inadequate security measures, the question of Didi’s profitability was the most acute.

Just when everyone thought that Didi was earning a lot of money, some media broke the news that Didi had “a total loss of 10.9 billion yuan in 2018 and a driver’s subsidy of 11.3 billion yuan”, and “the total loss in the six years of its business has exceeded. 40 billion yuan”.

Entering 2020, discussions on Didi’s high commission rate remain high, with some drivers claiming that the commission rate for some orders has even reached more than 30%. In response, Didi issued a statement stating that the proportion of such “extreme rake orders” was 2.7% last year, and it has now been reduced to 0.03%. The next step will allow this number to continue to decline until it is completely eliminated. Today, Didi has launched a transparent billing function, and drivers can view the flow of funds for orders in the past 7 days.

As a matter of fact, the situation regarding the commission of the online car-hailing business can be seen in the prospectus.

Look at the whole first. The prospectus shows that from 2018 to the first quarter of 2021, drivers from around the world earned more than 600 billion yuan in revenue on the Didi platform. In the Chinese market, in the online car-hailing business in 2020, the total revenue and incentives received by drivers will reach 117.4 billion yuan.

In the prospectus, Didi detailed the financial status of Didi in China’s travel market in 2020.

Last year, Didi’s total transaction volume in the domestic travel market was 189 billion yuan, of which the transaction volume from online car-hailing business (excluding taxis, private cars, and ride-hailing, etc.) was 148.6 billion yuan.

Excluding expenses spent on consumer subsidies and road tolls, Didi’s total revenue was 133.6 billion yuan. Among them, 110.5 billion yuan was used as driver income, accounting for 82% of revenue; 6.9 billion yuan was used as driver incentives, accounting for 5.2% of revenue, and the two together accounted for 87.9% of Didi’s total revenue, accounting for approximately total online car-hailing 79% of the transaction volume is consistent with Didi’s previously announced commission.

Earlier, on May 7, Didi car-hailing issued a statement on the “rake”, stating that in 2020, Didi car-hailing drivers accounted for 79.1% of the total payable by passengers. Of the remaining 20.9%, 10.9% are passenger subsidies, 6.9% are corporate operating costs (technology research and development, servers, security, customer service, manpower, offline operations, etc.), taxation and payment handling fees, etc., and 3.1% are online appointments Net profit of car business.

Overall, excluding driver income and driver subsidies, Didi will receive 16.2 billion yuan in its online car-hailing business. Excluding 12.2 billion yuan in operating expenses, Didi’s online car-hailing business before interest, tax and amortization The profit reached 4 billion yuan, and the profit rate was about 3.1%.

Didi doesn’t want to be just online ride-hailing

The slow revenue growth and the meager profit of domestic online car-hailing have forced Didi to find the next growth point.

In 2018, Didi began its international expansion, trying to replicate its experience in the Chinese market to the world, and was the first to enter Brazil, Mexico, Australia, and Japan. Prospectus data shows that Didi currently has operations in 15 countries around the world.

However, in the case of China’s local online car-hailing is only a meager profit, it is conceivable that it is difficult for the international business to make a profit, especially in the context of the new crown epidemic in foreign countries where there are still large variables. From the beginning of 2018 to the first quarter of this year, Didi’s international business losses have accumulated more than 10 billion yuan.

But one problem is that a series of new businesses such as shared bicycles and motorcycles, car services, freight transport, autonomous driving, and financial services only brought Didi 5.76 billion yuan in revenue last year, but at the same time it brought more than 8.8 billion yuan. The loss is more than twice the profit of online car-hailing.

This year, the loss has further expanded. In the first quarter of this year, the loss of new business in a single quarter reached 8.08 billion yuan. From 2018 to the first quarter of 2021, Didi’s losses in new businesses have totaled more than 26 billion yuan.

It is worth noting that these new businesses have completed independent spin-offs and financing in the first half of this year.

Last year, Qingju launched a round of financing. SoftBank and some other investors invested US$134 million and Didi invested US$750 million. At the beginning of this year, Qingju launched a Series B financing again, in which external investors invested US$166 million and Didi subscribed. A share of US$300 million in equity financing and a US$100 million in convertible notes. Qingju is currently valued at US$1.9 billion, and Didi holds 88.3%;

In the first quarter of this year, Didi Freight received US$1.5 billion in Series A financing, the latest valuation is US$2.8 billion, and Didi currently holds 57.6% of the shares;

Didi’s autonomous driving company has completed a US$1.5 billion Series A financing, with a valuation of US$3.4 billion, and Didi’s shareholding ratio is 70.4%.

Orange Heart Optimal conducted A1 and A2 rounds of financing in March this year. Among them, the A1 round of SoftBank Vision Fund injected US$900 million and the rest of the external investors injected US$100 million; the A2 round was funded by the management of about US$200 million, and the financing was completed. After Didi’s equity fell to 32.8%, it was no longer consolidated. However, in the A2 round, Orange Heart Pride issued USD 3 billion of convertible bonds to Didi. Didi has the right to convert the bonds into stocks before the expiration date of the convertible bonds and become the controlling shareholder of Orange Heart Pride again.

Although these new businesses are at a loss, it is not difficult to see how much Didi attaches importance to internationalization and new businesses from the purpose of fundraising: 30% of the funds raised are used to expand business in international markets outside of China; 30% The raised funds are used to improve technical capabilities including shared travel, electric vehicles and autonomous driving; the remaining about 20% will be used to launch new products and expand existing product categories to continuously improve user experience.

Today, Didi’s listing process has begun, but it will take more time to wait for these new businesses to grow into the next “ace” besides online car-hailing.

(Original article by Sohu Technology, please indicate the source for reprinting)

In the eyes of the industry, although rice has opened up a new scene of eating and catering for one person, convenience and speed are more important for young people today. This kind of light cooking rice is between self-cooking, takeaway and self-heating rice. From the perspective of the essence of the product, there is not much innovation. How to make consumers pay for repeated consumption after a few adventures has become a problem that fans need to face.

Expected revenue to exceed 60 million yuan

The light cooking rice brand Fanhu announced that it has completed two rounds of financing in the first half of this year, the angel round and the A round of tens of millions of yuan, of which the angel round financing was completed in February 2021, and it was exclusively invested by Qiaqia Food Family Fund Xinxian Capital. Ten thousand yuan RMB, A round of tens of millions of yuan in financing was completed in May 2021, led by Lenovo Star, followed by Zhuopu Investment. Both rounds of financing were funded by FoodPlus Capital, a boutique investment bank focused on the food and beverage industry, as the financial advisor. .

According to He Hua, the A round of financing will be used for brand marketing and supply chain optimization, in order to further consolidate Fanhu’s advantages in the field of light cooking rice and lay a solid foundation for Fanhu’s future growth.

It is understood that Fanhu is an emerging brand established in the second half of 2020. In January 2021, its products will be officially launched on the Tmall flagship store. By June 2021, the revenue will reach more than 5 million yuan, and the January revenue when the Fanhu product is officially launched is less than 100,000 yuan.

The product that Fanhu has already launched is the quick-cooking claypot rice, which can cook a pot of claypot rice with crispy rice in 15 minutes, and has achieved standardized cooking in different ways such as open flames, microwave ovens, rice cookers, and induction cookers. Currently, Fanhu’s products include Lamei Sambo Claypot Rice, Smoked Bacon Claypot Rice, and Chopped Pepper and Little Silver Fish Claypot Rice. Flavors under development include Xuanwei Ham Claypot Rice, Yunnan Style and Sichuan Style. The highest sales volume on Taobao is the Cantonese-style wax-flavored casserole claypot rice, with a monthly sales volume of more than 8,000 copies. The price with a casserole is about 28 yuan/box, and the price without a casserole is about 23 yuan/box.

Xinxian Capital Investment Director Liu Yuan believes that claypot rice originated in Guangdong and Guangxi but spreads all over the country. There is no obvious geographical restriction, the production process is complicated, and the requirements for raw materials, heat, and sense of operation are high. It is popular with consumers but difficult to achieve. Home-made products. Fanhu provides consumers with a complete set of product solutions, and provides consumers with raw materials and cooking tools casserole. This is precisely the biggest advantage compared to the existing self-heating claypot rice products. Fanhu cuts into the rice category through claypot rice, and expands to other categories related to rice and rice in the future, which has the potential to create a matrix of multiple explosive products.

Shen Meng, director of Chanson Capital, believes that Fanhu is in line with social consumption preferences, and the demand for products and services such as Fanhu has increased significantly in the habits of young people.

Regarding the planning of the future product line, Fanhu said that on the one hand, it will continue to cultivate claypot rice, and on the other hand, it will dig out special rice delicacies from various places. Fanhu has a certain degree of confidence in the light cooking rice market, and Fanhu has an expected revenue of 60-80 million yuan in 2021. In terms of market competition, Fanhu said that it will build core competition barriers from the aspects of market size, product mix and product strength, consumer perception, supply chain foundation, brand marketing and market launch.

Fanhu VS Instant Products, Takeaway

Fanhu regards ready-to-eat products as its main competitive category, which means that Zihai Pot, Kaixiaozao, Mo Xiaoxian and traditional instant noodles are all competitors.

According to Nielsen data, in the first half of 2019, China’s instant noodle market sales increased by 7.5% year-on-year, and overall sales increased by 1.4% year-on-year. Last year, the sales volume of instant noodles reached 40 billion packs. As an instant noodle “giant” company, Master Kong and Uni-President’s revenue and net profit have both achieved significant increases in 2020. Last year’s “Double 11”, since the hot pot sold 100 million in 21 minutes, becoming the first merchant to break 100 million in the convenience and fast food category on the day of the shopping festival. After experiencing the downturn in 2013, the instant noodle market in my country began to turn around in 2018 and 2019.

The food delivery industry also competes with Fanhu on the same stage. Our foreign sales market is in a stage of rapid development and has not yet reached saturation. Data shows that as of March 2020, the number of online food delivery users in China reached 397.8 million, and the utilization rate of food delivery users reached 44%; among them, the number of online food delivery users on mobile phones reached 39653 million, and the utilization rate reached 44.2%.

He Hua believes that the concept of quick-cooking rice is different from self-heating rice and frozen vegetables. Both self-heating rice and frozen vegetables are instant products, while the fast-cooking rice provides users with cooking solutions. The shelf life of Fanhu’s products is only 6-9 months. The ingredients are raw and do not contain any additives. “Different from the lazy house fast food on the market for the Z generation, Fanhu’s target users are positioned at the refined white-collar workers and senior middle class who are over 26 years old, have financial foundations and have requirements for dining quality, aiming at the homeowner table scene. Hua said.

However, economist Song Qinghui believes that rice is almost half-finished to provide pre-made meals, so it needs to be cooked with the help of open flames, microwave ovens, etc. This kind of one-person meal only solves the problem of raw materials, but does not solve the problem of cooking methods, especially For many office workers, the light cooking of rice seems to be just “changing the soup without changing the medicine.”

Some consumers said: “Claypot rice with casserole is actually very’chicken ribs’. Since it is already a fast-food meal, it is more simple and convenient. If you really want to cook by yourself, it will be more ritual. “Some netizens even said on Fanhu’s flagship store on Tmall: “Isn’t Meituan takeaway fragrant? You have to cook it yourself if it is expensive.”

There are also some consumers who bought the casserole because they bought rice and gave it to the casserole. However, in the evaluation of the Fanhu Tmall flagship store, there are not a few complaints about the quality of the casserole: “The casserole will crack after only one use.” “Don’t expect peace. The same casserole I bought.”

“Although Fanhu’s product positioning is healthier and better than instant products and convenience foods, and the segmentation level is higher, the price is also higher, and the targeted user groups may not be as big as lower-end products.” Shen Meng said that Fanhu has a certain market demand basis. If new products can be launched continuously, rapid growth may occur, but it also requires continuous investment of resources. Beijing Commercial Daily reporter Qian Yu Baiyang intern reporter Yan Hui (photo source: Fanhu Tmall flagship store)

Born in 1977, GAU-8 up to now basically has not had much difference compared to its inception. This cannon weighs 281 kg and has a total length of up to … 6.06 meters in which the barrel is 2.3 meters long. The GAU-8 over the A-10. The cannon used the caliber 30x173mm and had a total of 7 barrels. Due to the use of an electric reload mechanism, this cannon had a very small recoil and could even be considered non-recoil with the post escape mechanism. The maximum rate of fire of the cannon was up to 3900 rounds / min. At this rate of fire, no one could even hear every bullet coming out of the barrel of the GAU-8 cannon and only heard a very fast “crack” sound. With a barrel length of more than 2 meters, the barrel head speed of the bullet was pushed by GAU-8 at speeds of up to 1000 meters per second. This muzzle-tip is faster than the speed of sound and is essentially the target of the GAU-8 that will not hear anything before being hit by bullets. The effective range of this cannon was 1200m but its maximum range could be up to 3600m depending on combat conditions. Previously, the GAU-8 even changed the rate of fire from the lowest speed of 2100 rounds / min to the highest speed of 4200 rounds / min. However, later, the engineers of the US Air Force realized that not many pilots paid attention to the GAU-8’s variable rate of fire, so they removed this feature, greatly reducing electronic systems. like complex mechanics. The accuracy of the GAU-8 can be considered to be absolute, much better than its predecessor M61 Vulcan (still equipped on the more advanced F-15) that fought in Vietnam. At maximum distance, over 80% of the ammunition of the GAU-8 fired in the test was accurate. Although the ammunition is only 30mm, one thing for sure is that this cannon can defeat many main battle tanks. Even without penetrating the tank’s explosive armor, the GAU-8’s 30mm bullets are capable of severely damaging the tank’s electronic sensors, rendering it impotent. continue to fight. Reloading the GAU-8 is quite heavy and often requires the help of heavy machinery. On the attack A-10, for example, it can carry only 1,174 30mm bullets for the GAU-8 – meaning it can only shoot for about 20 seconds … clean bullets. But in addition to the amount of ammunition for the GAU-8, this fighter can also carry nearly all of the missiles and bombs in the US Air Force, making the A-10 a worthwhile air attack machine. afraid of all targets. The mechanism of action of the GAU-8 on the A-10

The beauty born in 1997 showed off the “hot” hourglass figure in a tight white dress, showing off her sexy breasts. Stassie Karanikolaou is a lingerie / swimsuit model, Instagram hotgirl and is known to be Kylie Jenner’s best friend – the youngest brother of the Kim Kardashian family. She and Kylie Jenner had about 10 years together. Both have a “fiery” bodybuilding curve and are popular in social networks. Although he joined showbiz not long ago, Stassie Karanikolaou quickly became famous because he benefited greatly from being a close friend of Kylie Jenner. After a close friend of Kylie Jenner, Jordyn Woods, got caught up in the Kylie’s sister’s “husband snatch” scandal, Jordyn Woods was turned away by the Kardashian family. Thus, Stassie Karanikolaou replaced his best friend, frequently appearing alongside Kylie in big and small events. Possessing 10.2 million followers on Instagram, the 9x beauty regularly shares pictures and clips with Kylie Jenner. Besides, she often posts branding images and makes a lot of money from social networks. Stassie Karanikolaou also has its own YouTube channel and is very well received. In addition, she also signed a model contract to represent many brands such as Fashion Nova, Rihanna’s Savage X Fenty … Besides modeling, she is also in the business, having her own brand of shoes and accessories. The beauty used to openly cosmetic surgery such as breast augmentation, lip filler injection … to get the “burning” body curve.